Exhibit 99.1 Quest Diagnostics Reports Third Quarter 2024 Financial Results; Updates Guidance for Full Year 2024 • Third quarter revenues of $2.49 billion, up 8.5% from 2023 • Third quarter reported diluted earnings per share ("EPS") of $1.99, up 1.5% from 2023; and adjusted diluted EPS of $2.30, up 3.6% from 2023 • Full year 2024 revenues now expected to be between $9.80 billion and $9.85 billion; reported diluted EPS now expected to be between $7.60 and $7.70; and adjusted diluted EPS expected to be between $8.85 and $8.95 SECAUCUS, N.J., October 22, 2024 - Quest Diagnostics Incorporated (NYSE: DGX), a leading provider of diagnostic information services, today announced financial results for the third quarter ended September 30, 2024. "We delivered a strong third quarter, with total revenue growth of 8.5%, including 4.2% organic growth," said Jim Davis, Chairman, CEO and President. "Our performance was driven by new customer wins and expanded business with physicians and hospitals as well as recent acquisitions, including LifeLabs. We are now on track to complete eight acquisitions by year's end that meet our criteria for profitability, growth and returns." “We have increased our 2024 revenue guidance due to contributions from recent acquisitions and have maintained the midpoint of our adjusted EPS guidance despite the impact of Hurricane Milton in the fourth quarter," Mr. Davis continued. "Given the strength of our business and revenue from acquisitions, we are well positioned to drive accelerated revenue and earnings growth in 2025." Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 Change 2024 2023 Change (dollars in millions, except per share data) Reported: Net revenues $ 2,488 $ 2,295 8.5 % $ 7,251 $ 6,964 4.1 % Diagnostic Information Services revenues $ 2,427 $ 2,228 9.0 % $ 7,058 $ 6,755 4.5 % Revenue per requisition 3.3 % 1.7 % Requisition volume 5.5 % 2.7 % Organic requisition volume 0.5 % 0.7 % Operating income (a) $ 330 $ 342 (3.3) % $ 985 $ 995 (1.0) % Operating income as a percentage of net revenues (a) 13.3 % 14.9 % (1.6) % 13.6 % 14.3 % (0.7) % Net income attributable to Quest Diagnostics (a) $ 226 $ 225 0.5 % $ 649 $ 662 (1.9) % Diluted EPS (a) $ 1.99 $ 1.96 1.5 % $ 5.74 $ 5.79 (0.9) % Cash provided by operations $ 356 $ 207 72.5 % $ 870 $ 745 17.0 % Capital expenditures $ 106 $ 105 1.0 % $ 302 $ 336 (10.4) % Adjusted (a): Operating income $ 385 $ 380 1.3 % $ 1,132 $ 1,119 1.1 % Operating income as a percentage of net revenues 15.5 % 16.6 % (1.1) % 15.6 % 16.1 % (0.5) % Net income attributable to Quest Diagnostics $ 262 $ 254 3.1 % $ 758 $ 749 1.2 % Diluted EPS $ 2.30 $ 2.22 3.6 % $ 6.70 $ 6.56 2.1 % (a) For further details impacting the year-over-year comparisons related to operating income, operating income as a percentage of net revenues, net income attributable to Quest Diagnostics, and diluted EPS, see note 2 of the financial tables attached below. 1 Updated Guidance for Full Year 2024 The company updates its full year 2024 guidance as shown in the table below. The updated guidance reflects the impact of recent acquisitions including LifeLabs as well as the impact from Hurricane Milton in the fourth quarter. The company projects the disruption from Hurricane Milton to negatively impact net revenues by approximately $15 million and EPS by approximately 8 cents in the fourth quarter. Updated Guidance Prior Guidance Low High Low High Net revenues $9.80 billion $9.85 billion $9.50 billion $9.58 billion Net revenues increase 5.9% 6.5% 2.7% 3.5% Reported diluted EPS $7.60 $7.70 $7.57 $7.77 Adjusted diluted EPS $8.85 $8.95 $8.80 $9.00 Cash provided by operations Approximately $1.3 billion Approximately $1.3 billion Capital expenditures Approximately $420 million Approximately $420 million Note on Non-GAAP Financial Measures As used in this press release the term “reported” refers to measures under accounting principles generally accepted in the United States (“GAAP”). The term “adjusted” refers to non-GAAP operating performance measures that exclude special items such as restructuring and integration charges, amortization expense, excess tax benefits ("ETB") associated with stock-based compensation, gains and losses associated with changes in the carrying value of our strategic investments, and other items. Non-GAAP adjusted measures are presented because management believes those measures are useful adjuncts to GAAP results. Non-GAAP adjusted measures should not be considered as an alternative to the corresponding measures determined under GAAP. Management may use these non-GAAP measures to evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts and for incentive compensation purposes. We believe that these non-GAAP measures are useful to investors and analysts to evaluate our performance period over period and relative to competitors, as well as to analyze the underlying trends in our business and to assess our performance. The additional tables attached below include reconciliations of non-GAAP adjusted measures to GAAP measures. Conference Call Information Quest Diagnostics will hold its quarterly conference call to discuss financial results beginning at 8:30 a.m. Eastern Time today. The conference call can be accessed by dialing 888-455-0391 within the U.S. and Canada, or 773-756-0467 internationally, passcode: 7895081; or via live webcast on our website at www.QuestDiagnostics.com/investor. We suggest participants dial in approximately 10 minutes before the call. A replay of the call may be accessed online at www.QuestDiagnostics.com/investor or, from approximately 10:30 a.m. Eastern Time on October 22, 2024 until midnight Eastern Time on November 5, 2024, by phone at 800-839-5154 for domestic callers or 203-369-3358 for international callers. Anyone listening to the call is encouraged to read our periodic reports, on file with the Securities and Exchange Commission, including the discussion of risk factors and historical results of operations and financial condition in those reports. About Quest Diagnostics Quest Diagnostics works across the healthcare ecosystem to create a healthier world, one life at a time. We provide diagnostic insights from the results of our laboratory testing to empower people, physicians and organizations to take action to improve health outcomes. Derived from one of the world's largest databases of de-identifiable clinical lab results, Quest's diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve healthcare management. Quest Diagnostics annually serves one in three adult Americans and half the physicians and hospitals in the United States, and our more than 50,000 employees understand that, in the right hands and with the right context, our diagnostic insights can inspire actions that transform lives and create a healthier world. www.QuestDiagnostics.com. 2 Forward Looking Statements The statements in this press release which are not historical facts may be forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that they are made and which reflect management’s current estimates, projections, expectations or beliefs and which involve risks and uncertainties that could cause actual results and outcomes to be materially different. Risks and uncertainties that may affect the future results of the company include, but are not limited to, adverse results from pending or future government investigations, lawsuits or private actions, the competitive environment, the complexity of billing, reimbursement and revenue recognition for clinical laboratory testing, changes in government regulations, changing relationships with customers, payers, suppliers or strategic partners, acquisitions and other factors discussed in the company's most recently filed Annual Report on Form 10-K and in any of the company's subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including those discussed in the “Business,” “Risk Factors,” “Cautionary Factors that May Affect Future Results” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of those reports. For further information: Wendy Bost, Quest Diagnostics (Media): 973-520-2800, Shawn Bevec, Quest Diagnostics (Investors): 973-520-2900 This earnings release, including the attached financial tables, is available online in the Newsroom section at www.QuestDiagnostics.com. ADDITIONAL TABLES FOLLOW 3 Quest Diagnostics Incorporated and Subsidiaries Consolidated Statements of Operations For the Three and Nine Months Ended September 30, 2024 and 2023 (in millions, except per share data) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net revenues $ 2,488 $ 2,295 $ 7,251 $ 6,964 Operating costs and expenses and other operating income: Cost of services 1,677 1,541 4,865 4,647 Selling, general and administrative 448 380 1,304 1,235 Amortization of intangible assets 32 27 90 81 Other operating expense, net 1 5 7 6 Total operating costs and expenses, net 2,158 1,953 6,266 5,969 Operating income 330 342 985 995 Other income (expense): Interest expense, net (49) (40) (136) (112) Other income (expense), net 15 (3) 27 10 Total non-operating expense, net (34) (43) (109) (102) Income before income taxes and equity in earnings of equity method investees 296 299 876 893 Income tax expense (65) (68) (205) (208) Equity in earnings of equity method investees, net of taxes 6 6 14 18 Net income 237 237 685 703 Less: Net income attributable to noncontrolling interests 11 12 36 41 Net income attributable to Quest Diagnostics $ 226 $ 225 $ 649 $ 662 Earnings per share attributable to Quest Diagnostics’ common stockholders: Basic $ 2.01 $ 1.99 $ 5.80 $ 5.87 Diluted $ 1.99 $ 1.96 $ 5.74 $ 5.79 Weighted average common shares outstanding: Basic 112 112 111 112 Diluted 113 114 112 114 4 Quest Diagnostics Incorporated and Subsidiaries Consolidated Balance Sheets September 30, 2024 and December 31, 2023 (in millions, except per share data) (unaudited) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 764 $ 686 Accounts receivable, net 1,376 1,210 Inventories 184 190 Prepaid expenses and other current assets 299 286 Total current assets 2,623 2,372 Property, plant and equipment, net 2,093 1,816 Operating lease right-of-use assets 661 602 Goodwill 8,605 7,733 Intangible assets, net 1,716 1,166 Investments in equity method investees 125 135 Other assets 272 198 Total assets $ 16,095 $ 14,022 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable and accrued expenses $ 1,313 $ 1,359 Current portion of long-term debt 603 303 Current portion of long-term operating lease liabilities 176 153 Total current liabilities 2,092 1,815 Long-term debt 5,648 4,410 Long-term operating lease liabilities 543 503 Other liabilities 891 876 Redeemable noncontrolling interest 80 76 Stockholders’ equity: Quest Diagnostics stockholders’ equity: Common stock, par value $0.01 per share; 600 shares authorized as of both September 30, 2024 and December 31, 2023; 162 shares issued as of both September 30, 2024 and December 31, 2023 2 2 Additional paid-in capital 2,332 2,320 Retained earnings 9,222 8,825 Accumulated other comprehensive loss (15) (14) Treasury stock, at cost; 50 shares and 51 shares as of September 30, 2024 and December 31, 2023, respectively (4,732) (4,826) Total Quest Diagnostics stockholders’ equity 6,809 6,307 Noncontrolling interests 32 35 Total stockholders’ equity 6,841 6,342 Total liabilities and stockholders’ equity $ 16,095 $ 14,022 5 Quest Diagnostics Incorporated and Subsidiaries Consolidated Statements of Cash Flows For the Nine Months Ended September 30, 2024 and 2023 (in millions) (unaudited) Nine Months Ended September 30, 2024 2023 Cash flows from operating activities: Net income $ 685 $ 703 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 358 330 Provision for credit losses 4 — Deferred income tax benefit (21) (39) Stock-based compensation expense 61 58 Other, net 17 12 Changes in operating assets and liabilities: Accounts receivable (140) (86) Accounts payable and accrued expenses (102) (231) Income taxes payable 31 — Other assets and liabilities, net (23) (2) Net cash provided by operating activities 870 745 Cash flows from investing activities: Business acquisitions, net of cash acquired (1,781) (611) Capital expenditures (302) (336) Other investing activities, net 37 — Net cash used in investing activities (2,046) (947) Cash flows from financing activities: Proceeds from borrowings 1,846 1,703 Repayments of debt (302) (1,426) Exercise of stock options 52 60 Employee payroll tax withholdings on stock issued under stock-based compensation plans (24) (28) Dividends paid (247) (234) Distributions to noncontrolling interest partners (35) (41) Other financing activities, net (36) (4) Net cash provided by financing activities 1,254 30 Net change in cash and cash equivalents and restricted cash 78 (172) Cash and cash equivalents and restricted cash, beginning of period 686 315 Cash and cash equivalents and restricted cash, end of period $ 764 $ 143 Cash paid during the period for: Interest $ 167 $ 97 Income taxes $ 179 $ 233 6 Notes to Financial Tables 1) The computation of basic and diluted earnings per common share is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in millions, except per share data) Amounts attributable to Quest Diagnostics' common stockholders: Net income attributable to Quest Diagnostics $ 226 $ 225 $ 649 $ 662 Less: earnings allocated to participating securities 1 2 3 4 Earnings available to Quest Diagnostics' common stockholders - basic and diluted $ 225 $ 223 $ 646 $ 658 Weighted average common shares outstanding - basic 112 112 111 112 Effect of dilutive securities: Stock options and performance share units 1 2 1 2 Weighted average common shares outstanding - diluted 113 114 112 114 Earnings per share attributable to Quest Diagnostics' common stockholders: Basic $ 2.01 $ 1.99 $ 5.80 $ 5.87 Diluted $ 1.99 $ 1.96 $ 5.74 $ 5.79 2) The following tables reconcile reported GAAP results to non-GAAP adjusted results: Three Months Ended September 30, 2024 (dollars in millions, except per share data) Operating income Operating income as a percentage of net revenues Income tax expense (e) Equity in earnings of equity method investees, net of taxes Net income attributable to Quest Diagnostics Diluted EPS As reported $ 330 13.3 % $ (65) $ 6 $ 226 $ 1.99 Restructuring and integration charges (a) 18 0.7 (3) — 15 0.13 Other charges (b) 5 0.2 — — 4 0.04 Gains and losses on investments (c) — — — 2 2 0.02 Other gains (d) — — 2 — (6) (0.06) Amortization expense 32 1.3 (8) — 24 0.21 ETB — — (3) — (3) (0.03) As adjusted $ 385 15.5 % $ (77) $ 8 $ 262 $ 2.30 7 Nine Months Ended September 30, 2024 (dollars in millions, except per share data) Operating income Operating income as a percentage of net revenues Income tax expense (e) Equity in earnings of equity method investees, net of taxes Net income attributable to Quest Diagnostics Diluted EPS As reported $ 985 13.6 % $ (205) $ 14 $ 649 $ 5.74 Restructuring and integration charges (a) 45 0.6 (10) — 35 0.31 Other charges (b) 12 0.2 — — 11 0.10 Gains and losses on investments (c) — — (3) 11 8 0.07 Other gains (d) — — 2 — (6) (0.06) Amortization expense 90 1.2 (23) — 67 0.59 ETB — — (6) — (6) (0.05) As adjusted $ 1,132 15.6 % $ (245) $ 25 $ 758 $ 6.70 Three Months Ended September 30, 2023 (dollars in millions, except per share data) Operating income Operating income as a percentage of net revenues Income tax expense (e) Equity in earnings of equity method investees, net of taxes Net income attributable to Quest Diagnostics Diluted EPS As reported $ 342 14.9 % $ (68) $ 6 $ 225 $ 1.96 Restructuring and integration charges (a) 6 0.3 (1) — 5 0.05 Other charges (b) 5 0.2 — — 5 0.04 Amortization expense 27 1.2 (6) — 21 0.18 ETB — — (2) — (2) (0.01) As adjusted $ 380 16.6 % $ (77) $ 6 $ 254 $ 2.22 Nine Months Ended September 30, 2023 (dollars in millions, except per share data) Operating income Operating income as a percentage of net revenues Income tax expense (e) Equity in earnings of equity method investees, net of taxes Net income attributable to Quest Diagnostics Diluted EPS As reported $ 995 14.3 % $ (208) $ 18 $ 662 $ 5.79 Restructuring and integration charges (a) 32 0.5 (8) — 24 0.22 Other charges (b) 11 0.1 (2) — 9 0.08 Gains and losses on investments (c) — — (1) 3 2 0.02 Amortization expense 81 1.2 (20) — 61 0.53 ETB — — (9) — (9) (0.08) As adjusted $ 1,119 16.1 % $ (248) $ 21 $ 749 $ 6.56 8 (a) For both the three and nine months ended September 30, 2024 and 2023, the pre-tax impact represents costs primarily associated with workforce reductions and integration costs incurred in connection with further restructuring and integrating our business. The following table summarizes the pre-tax impact of restructuring and integration charges on our consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (dollars in millions) Cost of services $ 5 $ 2 $ 19 $ 12 Selling, general and administrative 15 4 28 20 Other operating expense, net (2) — (2) — Operating income $ 18 $ 6 $ 45 $ 32 (b) For the periods presented other operating expense, net includes pre-tax losses associated with the increase in the fair value of the contingent consideration accrual associated with previous acquisitions. Additionally, for the nine months ended September 30, 2023, selling, general and administrative expenses includes the impairment of a corporate facility that was sold. The following table summarizes the pre-tax impact of these other items on our consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (dollars in millions) Selling, general and administrative $ 1 $ 1 $ 2 $ 7 Other operating expense, net 4 4 10 4 Operating income $ 5 $ 5 $ 12 $ 11 (c) For both the three and nine months ended September 30, 2024 and for the nine months ended September 30, 2023, the pre-tax impact represents gains and losses associated with changes in the carrying value of our strategic investments, recorded in equity in earnings of equity method investees, net of taxes. (d) For the three and nine months ended September 30, 2024, other income (expense), net includes a non-recurring $8 million pre-tax gain associated with a foreign exchange forward contract utilized in conjunction with an acquisition. (e) For restructuring and integration charges, gains and losses on investments, other charges and gains, and amortization expense, income tax impacts, where recorded, were primarily calculated using combined statutory income tax rates of 25.5% for both 2024 and 2023. 3) The outlook for adjusted diluted EPS represents management’s estimates for the full year 2024 before the impact of special items. Further impacts to earnings related to special items may occur throughout 2024. Additionally, the amount of ETB is dependent upon employee stock option exercises and our stock price, which are difficult to predict. The following table reconciles our 2024 outlook for diluted EPS under GAAP to our outlook for adjusted diluted EPS: Low High Diluted EPS $ 7.60 $ 7.70 Restructuring and integration charges (a) 0.34 0.34 Amortization expense (b) 0.85 0.85 Other charges (c) 0.12 0.12 Gains and losses on investments (d) 0.07 0.07 Other gains (e) (0.06) (0.06) ETB (0.07) (0.07) Adjusted diluted EPS $ 8.85 $ 8.95 9 (a) Represents estimated pre-tax charges of $50 million primarily associated with workforce reductions and integration costs incurred in connection with further restructuring and integrating our business. Income tax benefits were primarily calculated using a combined statutory income tax rate of 25.5%. (b) Represents estimated pre-tax amortization expenses of $129 million. Income tax benefits were primarily calculated using a combined statutory income tax rate of 25.5%. (c) Principally represents estimated pre-tax net losses of $13 million associated with the increase in the fair value of the contingent consideration accrual associated with previous acquisitions. No income tax benefits are recorded on the losses associated with the contingent consideration accrual. (d) Represents $11 million of pre-tax losses associated with changes in the carrying value of our strategic investments. Income tax impacts were calculated using a combined statutory income tax rate of 25.5%. (e) Includes a non-recurring $8 million pre-tax gain associated with a foreign exchange forward contract utilized in conjunction with an acquisition. Income tax impacts on the gain were calculated using a combined statutory income tax rate of 25.5%. 10

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other guidance in this release

Text is the filed exhibit, verbatim.